2 - Economics As A Social Science Flashcards
1
Q
How do economists explain how the economy works?
A
They make models
2
Q
What do models do?
A
Predict the impact of economic change
3
Q
What do economists rely on to make models?
A
Data and assumptions
4
Q
What is ceteris paribus?
A
Assuming other variables remain constant allowing economists to create models easier
5
Q
Why is it hard for economists to make models?
A
There are too many variables
